The City of Parkersburg, on behalf of the Wood County HOME Consortium administers the Single-Family Housing Opportunity Program (SHOP).
The Program assists households that are interested in purchasing a home in Wood County by reducing and delaying mortgage costs. Instead of financing the total cost of a home through a conventional bank for 30 years, the Consortium defers a portion of the debt until the lender is paid back in full or in 20 years, whichever comes first. After the first loan is paid back, the Consortium’s loan is due and must be repaid in 10 years.
The SHOP Program will provide up to $25,000 as a second mortgage on a house up to a maximum loan term of ten (10) years at a 3% rate of interest.
Basic Eligibility Requirements include:
- Be a “first time” homebuyer [must not have previously owned a home in the last three (3) years].
- The home to be purchased must be located within the corporate limits of Wood County, WV.
- Meet the maximum income requirements based on family size [per HUD Section 8 Income Guidelines].
For more information about the SHOP and other Housing Programs check out our website here.